Latest news with #burdensharing
The Independent
5 hours ago
- Business
- The Independent
Nato chief's gushing message to ‘Dear Donald' at summit
Nato members have agreed to significantly increase their defense spending to 5 percent of gross domestic product (GDP) by 2035. Secretary General Mark Rutte credited Donald Trump for driving this change, addressing him as 'Dear Donald' and declaring, 'you made this change possible'. The new commitment, ratified at the annual summit in The Hague, specifies that 3.5 percent of GDP will go to core defense requirements, with the remaining 1.5 percent allocated for critical infrastructure, civil preparedness, and strengthening defense industrial bases. This agreement comes after years of Donald Trump's insistence on greater burden-sharing, including past threats regarding the alliance's mutual defense provisions. During the summit, Donald Trump affirmed his commitment to Nato's Article Five mutual defense provision, stating, "We're with them all the way."
Reuters
10 hours ago
- Business
- Reuters
Greek PM says all NATO members should commit to defence spending target
THE HAGUE, June 25 (Reuters) - Greek Prime Minister Kyriakos Mitsotakis said on Wednesday that all 32 members of the NATO alliance should do their part in defence spending and commit to the agreed target so that there would be no sense of "free-riding". NATO members agreed in principle on Sunday to boost their defence spending target to 5% of gross domestic product, as demanded by U.S. President Donald Trump, but Spain said it could meet its commitments without spending so much. "The point of an alliance is to make sure that there is a fair burden-sharing and that there is no sense that certain countries are sort of free-riding on the defence commitment of other countries," Mitsotakis said as a NATO summit began in The Hague. "So I think it is important to understand that these be binding and they should be binding for all 32 members of the alliance." Greece is now spending about 3% of its gross domestic product on defence - nearly double the average in the EU. It has asked the European Commission to exempt its 2026 defence spending from the EU's budget rules as part of the so-called fiscal escape clause as it aims to spend 25 billion euros ($29 billion) by 2036 under a to modernise its armed forces and as it tries to keep pace with its eastern neighbour and historical rival Turkey. Mitsotakis says this will help Greece reach the 5% target by 2035. ($1 = 0.8613 euros)
